“Canary Funds has filed its Form 8-A. This is the final step before it goes effective at 5:30 PM ET Wednesday, once the Nasdaq certifies the listing. When that happens, the last hurdle is cleared and the first XRP spot ETF will be set to launch Thursday at market open.”
First-to-Market Advantage Spotlights Canary XRP ETF
Crucially, Canary Funds’ XRP ETF will have a first-to-market advantage, given it will be the first ‘pure’ US XRP-spot ETF. The first US XRP ETF, the REX-Osprey XRP ETF (XRPR), launched in September. However, the REX-Osprey XRP ETF is a hybrid, combining spot, other ETFs, and derivatives, if required.
Bitwise, Franklin Templeton, and 21Shares also filed S-1 amendments to remove the delaying amendment language, allowing trading after their 20-day waiting periods. Bitwise is expected to launch next, provided the SEC has no queries once the government reopens.
One potential outcome is for the SEC to approve the remaining XRP-spot ETFs. Mass approvals would limit any first-to-market advantage for Canary Funds and potentially Bitwise.
Canary Capital CEO Steven McClurg has been very optimistic about institutional demand for XRP-spot ETFs. Speaking on the Paul Barron channel, he turned more bullish on XRP-spot ETF inflows, revising his original $5 billion first-month projection, stating:
“I may have been a little bearish. We’re going to hold to that number. If it hits that number, at least I’ll be right, and if it’s $10 billion, then I’m still right because we got at least $5 billion. If we saw that kind of inflow, I think it would definitely be in the top 20 ETFs of all time, if not in the top 10.”
Technical Outlook: Key XRP Price Levels
XRP slid 5.24% on Tuesday, November 11, partially reversing the previous day’s 6.65% rally to close at $2.3920. The token underperformed the broader crypto market, which fell 3.15%.
Tuesday’s reversal left XRP below the 50-day and 200-day Exponential Moving Averages (EMAs), indicating a bearish bias.
However, specific catalysts could trigger a trend reversal, potentially sending XRP to new highs.
Key technical levels to watch include:
- Support levels: $2.35, $2.2, $2.0, and $1.9.
- 50-day EMA resistance: $2.5525.
- 200-day EMA resistance: $2.5814.
- Resistance levels: $2.5, $2.62, $2.8, $3.0, and $3.66.